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FINSA and FINIA enter home stretch

Economic Affairs and Taxation Committee of the National Council (WAK-N) concludes consultations

The Economic Affairs and Taxation Committee of the National Council (WAK-N) has concluded its consultation on the Financial Services Act (FINSA) and the Financial Institutions Act (FINIA). This was communicated today in a media release. Accordingly, the bill will now be subject to consultation in the National Council in the fall session. As FINSA and FINIA have already been passed in the Council of States by the end of last year the bill now has to pass its last obstacle.

By and large the WAK-N conformed to the resolution of the Council of States in terms of content. Nevertheless, the WAK-N differed with the Council of States in certain points. With respect to the FINSA there were differences with respect to the conditions for the preparation of a prospectus, the liability for false details contained in the prospectus or the Key Information Document as well as the criminal provisions. With respect to the FINIA the WAK-N differed in particular as far as the provisions contained in the Annex are concerned. According to the resolution of the WAK-N the provision in the Banking Act (BA) contained in the Annex to FINIA should not be changed at all.

In certain points the members of the WAK-N could not reach an agreement. This concerned in particular the criminal provisions, the scope with respect to the insurance companies and the external asset managers.

The draft of the bill as resolved by the WAK-N will be available in due course.

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Niklaus Honauer

PwC
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Postfach, 8050 Zürich
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Niklaus Honauer is a Partner at PricewaterhouseCoopers in Switzerland’s Tax Services practice. As a Tax lawyer he is regularly and successfully assisting clients in negotiation with the Tax Administration and in Tax litigation.